PNB fraud probe: Stocks tumble after Axis, ICICI bank officials summoned

Markets fall most in the month; Sensex drops 743 points from day's high

The stock indices tumbled on Tuesday after central agencies widened the probe into the Rs 127-billion banking fraud at Punjab National Bank (PNB) by summoning top executives of leading private sector banks. 

Dropping for a fifth straight day, the Sensex ended at 33,317.2, down 430 points, or 1.27 per cent, the most since February 6. 

The move by the Serious Fraud Investigation Office (SFIO) to summon top executives of ICICI Bank and Axis Bank weighed on investor sentiment and raised concerns of the PNB fraud spreading to other banks. Banking shares were the biggest drag on the market, with shares